Update: Co-founder Qiuyan told me, “The main investor is called XGS Venture Partners – formed by a group of Ex-bankers. The others include a private investor and our main supplier (a long term partnership).” There isn’t any website for XGS yet since its newly formed.
Some of you might remember Sold.sg which we covered about three months ago. The e-commerce start-up was founded by Tian Qiuyan, Angeline Tham, and Chan Chiou Hao in July 2010 and was already gaining steam back then.
It now boasts 40,000 loyal users in Singapore – and with the new funding, Sold.sg plans to expand its business regionally.
First stop? Malaysia. And it will operate a similar penny auction e-commerce model on a separate Malaysia domain — Sold.my. Check out our previous coverage here to understand more about its business model.